The most wonderful time of the year is quickly approaching; soon the streets will be filled with traveling carolers, twinkling lights, and some anxious turtle doves who are ready to pop the big question. The period between December 24th to January 1st is the most popular time of the year to propose, according to UK events company Chillisauce. That’s right: it’s cuffing season. But why is the holiday season the time for engagements?
Conventional wisdom would indicate the close association between the holidays and family. The modern family tends to be apart most of the year, with the holidays one of the few times when everyone can be together. It’s the perfect time to celebrate a special moment surrounded by all the people you love and care for. The less conventional answer: holiday bonuses!
Diana Cholakian’s theory? December can mean (for some) a nice holiday bonus, which can help with the purchase of an engagement ring for that special person. According to Accounting Principles’ Holiday Bonus and Survey, the average holiday bonus for 2017 was $1,797. With the average cost of an engagement ring over $6,000, a holiday bonus would certainly alleviate some of the burden of a traditionally mined diamond ring. But what if the holiday bonus could cover the entire cost of the ring?
Lab-grown diamonds (also known as man-made diamonds) are 20%-40% less expensive than their mined counterparts. Not only that, these diamonds are eco friendly, and ethically sourced. There is a fair amount of confusion and misinformation around lab-grown diamonds. Many people incorrectly assume these are fake diamonds. But as Stephen Morisseau, a spokesperson for the Gemological Institute of America, explains, “They’re not fakes. They’re not cubic zirconias. They have all the same physical and chemical properties of a mined diamond.” So scientifically speaking, lab-grown diamonds share all the same characteristics with a mined diamond, except for their origin. Unless you’re friends with a jeweler who’s particularly fast with their loupe, no one will be able to differentiate between lab-grown and mined.
Lab-grown diamonds’ competitive price point is the direct result of the shorter supply chain a lab-grown diamond goes through–think about the many hands a mined diamond touches to get to the jewelry store. The major takeaway: the price of a ring can become one less thing to stress about this cuffing season. Your new in-laws, however, might be a different story.